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Will COIN's Deribit Buyout Unlock the Potential of Crypto Derivatives?
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Key Takeaways
Coinbase acquired Deribit for $2.9B, gaining a leading role in global crypto derivatives.
Deribit adds $60B in open interest, $1T traded last year and $30M in July revenues.
Acquisition brings immediate EBITDA accretion and strengthens Coinbase's competitiveness.
Coinbase Global (COIN - Free Report) recently acquired Deribit for $2.9 billion. With this, the crypto leader has become the leading global platform for crypto derivatives, which is much larger in trading volumes than the spot crypto market. Deribit boasts the leading crypto options exchange by volume and open interest, with roughly $60 billion of current platform open interest, over $1 trillion traded last year and a loyal base of institutional and advanced traders.
The Deribit acquisition enables Coinbase to rapidly scale in derivatives, a segment it struggled to enter organically. At the same time, it diversifies revenues beyond spot trading fees while significantly strengthening Coinbase’s institutional capabilities and product offerings for clients.
Deribit generated over $30 million in July transaction revenues. As COIN’s third-quarter results will include accretion from Deribit, one can easily get a sense of the run-rate revenue opportunity in the third quarter and beyond. COIN also anticipates the Deribit acquisition to be immediately accretive to adjusted EBITDA after close. Deribit will also contribute about $10 million of additional expense to technology & development and general & administrative expenses in the third quarter.
Strategically, acquiring Deribit braces Coinbase with advanced technology and a global client base, widening its competitive moat against Binance and OKX, the current leaders in derivatives. The integration of high-margin derivatives products is expected to drive stronger profitability and expand market share. Over time, this acquisition will support Coinbase’s evolution from a primarily spot-focused exchange into a diversified, full-service digital asset platform, aligning with CEO Brian Armstrong’s broader vision of building the industry’s premier “everything exchange.”
What About COIN's Competitors?
Robinhood Markets (HOOD - Free Report) is expanding into crypto derivatives, driving trading activity and diversifying revenues. By offering perpetual futures in Europe and micro futures for Bitcoin, Solana and XRP, Robinhood attracts active traders and improves margins. This strengthens Robinhood’s competitiveness while enhancing results beyond equities and traditional spot crypto trading.
Interactive Brokers Group’s (IBKR - Free Report) involvement in crypto derivatives boosts its platform by providing Bitcoin and Ether futures and options. Interactive Brokers appeals to both institutional and retail traders seeking regulated exposure. This expansion enables Interactive Brokers to diversify revenues, strengthen competitiveness, increase trading volumes and capture sustainable long-term growth opportunities.
COIN’s Price Performance
Shares of COIN have gained 27.9% year to date, outperforming the industry.
Image Source: Zacks Investment Research
COIN’s Expensive Valuation
COIN trades at a price-to-earnings value ratio of 51.2, above the industry average of 20.57. But it carries a Value Score of F.
Image Source: Zacks Investment Research
Estimate Movement for COIN
The Zacks Consensus Estimate for COIN’s third-quarter 2025 EPS has moved 11.2% north, while that for fourth-quarter 2025 EPS has moved down 4.3% over the past 30 days. The same for full-year 2025 has increased 93.6% while that for 2026 has decreased 7%.
Image Source: Zacks Investment Research
The consensus estimate for COIN’s 2025 and 2026 revenues indicates year-over-year increases. The consensus estimates for COIN’s 2025 and 2026 EPS indicate a decline.
COIN stock currently carries a Zacks Rank #3 (Hold).
Image: Shutterstock
Will COIN's Deribit Buyout Unlock the Potential of Crypto Derivatives?
Key Takeaways
Coinbase Global (COIN - Free Report) recently acquired Deribit for $2.9 billion. With this, the crypto leader has become the leading global platform for crypto derivatives, which is much larger in trading volumes than the spot crypto market. Deribit boasts the leading crypto options exchange by volume and open interest, with roughly $60 billion of current platform open interest, over $1 trillion traded last year and a loyal base of institutional and advanced traders.
The Deribit acquisition enables Coinbase to rapidly scale in derivatives, a segment it struggled to enter organically. At the same time, it diversifies revenues beyond spot trading fees while significantly strengthening Coinbase’s institutional capabilities and product offerings for clients.
Deribit generated over $30 million in July transaction revenues. As COIN’s third-quarter results will include accretion from Deribit, one can easily get a sense of the run-rate revenue opportunity in the third quarter and beyond. COIN also anticipates the Deribit acquisition to be immediately accretive to adjusted EBITDA after close. Deribit will also contribute about $10 million of additional expense to technology & development and general & administrative expenses in the third quarter.
Strategically, acquiring Deribit braces Coinbase with advanced technology and a global client base, widening its competitive moat against Binance and OKX, the current leaders in derivatives. The integration of high-margin derivatives products is expected to drive stronger profitability and expand market share. Over time, this acquisition will support Coinbase’s evolution from a primarily spot-focused exchange into a diversified, full-service digital asset platform, aligning with CEO Brian Armstrong’s broader vision of building the industry’s premier “everything exchange.”
What About COIN's Competitors?
Robinhood Markets (HOOD - Free Report) is expanding into crypto derivatives, driving trading activity and diversifying revenues. By offering perpetual futures in Europe and micro futures for Bitcoin, Solana and XRP, Robinhood attracts active traders and improves margins. This strengthens Robinhood’s competitiveness while enhancing results beyond equities and traditional spot crypto trading.
Interactive Brokers Group’s (IBKR - Free Report) involvement in crypto derivatives boosts its platform by providing Bitcoin and Ether futures and options. Interactive Brokers appeals to both institutional and retail traders seeking regulated exposure. This expansion enables Interactive Brokers to diversify revenues, strengthen competitiveness, increase trading volumes and capture sustainable long-term growth opportunities.
COIN’s Price Performance
Shares of COIN have gained 27.9% year to date, outperforming the industry.
Image Source: Zacks Investment Research
COIN’s Expensive Valuation
COIN trades at a price-to-earnings value ratio of 51.2, above the industry average of 20.57. But it carries a Value Score of F.
Image Source: Zacks Investment Research
Estimate Movement for COIN
The Zacks Consensus Estimate for COIN’s third-quarter 2025 EPS has moved 11.2% north, while that for fourth-quarter 2025 EPS has moved down 4.3% over the past 30 days. The same for full-year 2025 has increased 93.6% while that for 2026 has decreased 7%.
Image Source: Zacks Investment Research
The consensus estimate for COIN’s 2025 and 2026 revenues indicates year-over-year increases. The consensus estimates for COIN’s 2025 and 2026 EPS indicate a decline.
COIN stock currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.